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EURJPY tests the September 2008 high
The EURJPY is trading to a high of 159.608 in trading today. That is a new high for the year and new high going all the way back to September 2008 when the high price in that month also reached 159.608. The high price from July extended up to 158.043.
Drawing to the hourly chart below, yesterday the price action saw the pair hold its 200-hour moving average (green line in the chart below). The price spiked higher but then fell back down toward the 200-hour moving average before rebounding into the close (see video from yesterday HERE).
Today, the momentum to the upside has now taken the price above the August highs including a swing area between 159.19 and 159.32, and the high price from August 22 at 159.484. Those levels are now close risk for buyers looking for more upside. Staying above would keep the buyers in firm control. Move below and there could be disappointment on the failed break.